Senators Cantwell and Schumer Press for Expanded Housing Credit Authority at New...

Senators Cantwell and Schumer Press for Expanded Housing Credit Authority at New York City Event

WASHINGTON, D.C. – (RealEstateRama) — Senators Maria Cantwell (D-WA) and Charles Schumer (D-NY) were joined by New York City Housing Development Corporation President Gary Rodney, New York State Homes and Community Renewal Commissioner and Chief Executive Officer James Rubin, and other New York Housing Credit stakeholders for a rally today in support of expanding the Housing Credit at a New York City Credit-financed supportive housing development for young people aging out of foster care.

The event highlighted the need for more affordable rental housing and Senator Cantwell’s forthcoming legislation that would increase Housing Credit authority by 50 percent and include other proposals to strengthen the program. NCSHA is working closely with Senator Cantwell’s office as they develop the legislation. The ACTION Campaign, which NCSHA co-chairs with Enterprise Community Partners, is organizing nationwide grassroots support for this effort.

In her press release, Senator Cantwell stated, “Like Washington State, New York and our nation as a whole face serious challenges when it comes to affordable housing and homelessness. The Low Income Housing Tax Credit is a critical tool that communities across the nation can use to address these issues.”

Senator Schumer spoke to the importance of housing to the economy saying, “Access to affordable housing is essential for the health of our families and the economic strength of our communities and that’s why expanding the federal low-income housing tax credit is so important. The key to New York’s continued growth and economic strength is directly tied to the need to expand our pool of affordable housing for young people, for new families and for others—and the federal government, via this tax credit, needs to be a full partner in that effort.”

Senator Cantwell announced her intention to introduce this legislation last month in Seattle. For more information on this initiative, contact NCSHA’s Jennifer Schwartz.

Source: National Council of State Housing Agencies

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